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How We Are Invested
Onex has invested its capital in private equity, real estate and credit securities while maintaining a prudent amount of cash to fund future investment opportunities.

Onex Capital
($ in millions)
As at

Dec. 31, 2014

Dec. 31, 2013

Private Equity
Onex Partners
Private Companies(1)

$    1,748

$ 2,026
Public Companies(2)

30 

627

   Unrealized Carried Interest(3)

115 

202
ONCAP(4)

292 

337
Direct Investments
Private Companies(5)

100 

153
Public Companies

181

186

$    2,495

$ 3,531
Onex Credit(6)

366  

260
Onex Real Estate Partners(7)

242

144

608

404 
Other Investments

24

103 
Cash and Near-Cash(8)

2,877

1,741
Debt(9)

Nil

Nil

$    6,004

$     5,779
Onex' Capital per Share
(Dec. 31, 2014 - C$62.77; December 31, 2013 - C$54.16)
(10)(11)

$    54.11

$     50.93

(1) Based on the fair value of the investments in Onex Partners’ financial statements net of the estimated Management Investment Plan (“MIP”) liability on these investments of $40 million (2013 - $64 million). 
(2) Based on the closing market values and net of the estimated MIP liability on public companies in the Onex Partners Funds of nil (2013 - $37 million).
(3) Represents Onex’ share of the unrealized carried interest on public and private companies in the Onex Partners Funds.
(4) Based on the C$ fair value of the investments in ONCAP’s financial statements net of management incentive programs on these investments of $9 million (2013 - $17 million) and a US$/C$ exchange rate of 1.1601 (2013 – 1.0636).  
(5) Based on the fair value.
(6) Based on the market values of investments in Onex Credit Funds ($129 million) and Onex Credit Collateralized Loan Obligations and the warehouse facility for Onex Credit CLO-8 ($237 million). Excludes $346 million (2013 - $343 million) invested in a segregated Onex Credit unleveraged senior secured loan strategy fund, which is included with cash and near-cash items.
(7) During 2014, Onex invested $95 million in Flushing Town Center.
(8) Includes $346 million (2013 - $343 million) invested in a segregated Onex Credit unleveraged senior secured loan strategy fund.
(9) Represents debt at Onex Corporation, the parent company.
(10)
Calculated on a fully diluted basis. Fully diluted shares were approximately 112.9 million at December 31, 2014 (December 31, 2013 – 115.9 million). Fully diluted shares include all outstanding Subordinate Voting Shares and outstanding Stock Options that have met the minimum 25% price appreciation threshold.
(11) The change in Onex' Capital per Share during the three months ended June 30, 2014 is driven primarily by fair value changes of Onex' investments. Share repurchases and options exercised during the period will have an impact on the calculation of Onex' Capital per Share. The impact on Onex' Capital per Share will be to the extent that the price for share repurchases and options exercised is above or below the Onex' Captial per Share.

Onex Corporation has no debt. Its policy is to preserve a financially strong parent company that has funds available for new acquisitions and to support the growth of its businesses.